DENVER, Nov. 13, 2008 (GLOBE NEWSWIRE) -- Dyer & Berens LLP today announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of certain investors of Noah Education Holdings, Ltd. ("Noah Education" or the "Company") (NYSE:NED) who purchased the American Depositary Shares ("ADSs") of Noah Education in or traceable to the Company's initial public offering on or about October 19, 2007 (the "IPO") to November 19, 2007. The complaint charges Noah Education and the lead underwriters for the IPO with violations of the federal securities laws.
If you wish to serve as a lead plaintiff, you must move the Court no later than December 26, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The class action complaint alleges that the public filings made in connection with the IPO were false and misleading and failed to disclose to the market certain material facts about the Company's business operations and financial performance. According to the complaint, the defendants were responsible for the content and dissemination of these public filings, which positively described the Company's business and its abilities in managing raw materials supplies. Contrary to these statements, by the time of the IPO, Noah Education had completed its first fiscal quarter and the Company was already experiencing an increase in raw materials costs which had negatively impacted its earnings. As a result of these alleged omissions, the ADSs offered in connection with the IPO were artificially inflated and allowed the Company to raise more than $137 million. On November 19, 2007, Noah Education revealed to the public that its gross profit margins had dramatically declined due to an increase in the purchasing cost of certain raw material components. In response to this disclosure, the price of Noah Education ADSs declined substantially from $12.46 per ADS to $6.72 per ADS.
Plaintiff seeks to recover damages on behalf of certain purchasers of Noah Education ADSs pursuant and/or traceable to the IPO. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.